Misr Iran Bank Q1 Net Profit Hit EGP 86 Mln

Misr Iran Development Bank’s net profit reached EGP 86 million at the end of Q1 of 2013, compared to EGP 80 million at the end of Q1 of 2012. Sources said the bank plans to achieve net profit of EGP 250 million by the end of the current year.

In addition, the bank has raised its issued and paid-up capital from EGP 714 million to EGP 1 billion to comply with Basel II standards.

The business results show that the bank achieved net profit of EGP 215.4 million at the end of 2012, compared to EGP 184 million at the end of 2011, registering a growth rate of 17%.

The bank’s profit before income tax surged 25.2% to reach EGP 245.4 million at the end of 2012, compared to EGP 196.1 million at the end of 2011.